New York, April 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Genome Editing/Genome Engineering Global Market Report 2023" - https://www.reportlinker.com/p06451002/?utm_source=GNW
, Intellia Therapeutics, bluebird bio Inc., Transposagen Biopharmaceuticals Inc., Tecan Trading AG, Precision BioSciences, PerkinElmer Inc., and Cellectis S.A.
The global genome editing or genome engineering market is expected to grow from $6.11 billion in 2022 to $7.20 billion in 2023 at a compound annual growth rate (CAGR) of 17.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The genome editing or genome engineering market is expected to grow to $14.22 billion in 2027 at a CAGR of 18.5%.
The genome editing market includes revenues earned by entities by cell line engineering, animal genetic engineering, plant genetic engineering.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Genome editing is a technique that enables scientists to alter the DNA of numerous organisms, including plants, bacteria, and animals.With the help of genome editing technologies, researchers would alter DNA, changing physical characteristics like eye colour and the risk of contracting diseases.
Genome editing is used in animal models and cells in research labs to understand diseases.
North America was the largest region in the genone editing/genome engineering market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the genone editing/genome engineering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of product and services of genome editing/genome engineering are reagents and consumables, software and systems, services.The reagents and consumables are used at specific locations in the genome of a target organism to cause breaks, repairs, or mismatches involving endogenous mechanisms to cause specific changes in DNA sequence.
Consumables are items that can be used up until they run out and then need to be disposed of.A compound or substance that can speed up a reaction is called a reagent.
The technology used are Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR), Transcription Activator-Like Effector Nuclease (TALEN), Zinc Finger Nucleases (ZFN), antisense, and other technologies, which are applied in cell line engineering, genetic engineering, diagnostic applications, drug discovery and development, and other applications, that are used by biotechnology companies, pharmaceutical companies, academic and government research institutes.
The rise in the prevalence of cancer and other genetic disorders is expected to propel the growth of the genome editing/genome engineering market going forward.Cancer is a condition wherein a few of the body’s cells grow out of control and spread to other body regions.
Genome editing can quickly engineer immune cells and oncolytic viruses for cancer therapeutic applications.For instance, in February 2022, according to an article published by World Health Organization (WHO), a Switzerland-based United Nations health agency, nearly 10 million deaths, or nearly one in six deaths, were caused by cancer in 2020, making it the leading cause of death worldwide.
Further, in June 2022, according to a report published by the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, 1,752,735 new cases of invasive cancer in total, 863,830 in women and 888,905 in men were reported in the US in 2019.The incidence rate for all cancers was 439 per 100,000 people in the general population.
Therefore, the rise in the prevalence of cancer and other genetic disorders is driving the growth of the genome editing/ genome engineering market.
Technological advancements in gene editing are a key trend gaining popularity in the genome editing or genome engineering market.Major companies operating in the genome editing/genome engineering market is concentrating on creating innovative technology solutions to improve their position.
For instance, in May 2022, Kyoto University and Institute of Evolutionary Biology (CSIC-Universitat Pompeu Fabra), a Spain-based research university focused on evolutionary biology, researchers unveiled a quick and effective method for editing genes in insects.Direct parental CRISPR (DIPA-CRISPR), a simple and effective method, involves injecting materials into developing eggs in female adults rather than embryos.
The novel technique enables researchers to avoid microinjecting CRISPR material into insect embryos.
In March 2020, Zymergen, a US-based biotechnology company, acquired enEvolv, Inc. for an undisclosed amount. With the acquisition, Zymergen launched new products and was estimated to increase by 20%, speeding up the pace and scope of bio-manufacturing. enEvolv, Inc. is a US-based genome engineering company.
The countries covered in the genome editing/genome engineering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The genome editing/genome engineering market research report is one of a series of new reports that provides genome editing/genome engineering market statistics, including genome editing/genome engineering industry global market size, regional shares, competitors with a genome editing/genome engineering market share, detailed genome editing/genome engineering market segments, market trends and opportunities, and any further data you may need to thrive in the genome editing/genome engineering industry. This genome editing/genome engineering market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06451002/?utm_source=GNW
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